India: On-demand cab aggregator Roder raises seed funding led by Unicorn India

Delhi-based Vecto Technologies Pvt Ltd which runs on-demand cab aggregating startup Roder, has raised Rs 1.6 crore ($239.7k) in seed funding led by Unicorn India Ventures, an early-stage VC startup.

A group of unnamed investors also participated in the round, according to a statement.

Unicorn India, a SEBI-registered venture capital fund, recently announced first close of its Rs 100 crore fund, and Roder is its maiden investment.

Roder plans to use the money mainly for its expansion plans.

“Roder’s model is such that it not only makes cabs available at short notice but also results in substantial savings for customers. Our decision to invest in Roder is driven by the fact that their business model is scalable and this space is set to witness action and growth in the next few months,” said Bhaskar Majumdar, managing partner, Unicorn India.

Currently, present in 13 cities, Roder is all set to launch into 20 new cities in North and Western region of the country. Roder is also working on ‘ride-sharing’ feature for intercity travellers.

Founded in Dec 2014 by three IIT Kharagpur alumni Abhishek Negi, Ashish Rajput, and Siddhant Matre, Roder is an on-demand intercity cab aggregator marketplace.

Negi has almost five years of experience and before founding this venture, he worked with Vodafone as an assistant manager- corporate technology, Previously, he worked with the companies like Introbots, RVUN Ltd and others.

Rajput worked with Sterling Global Oil Resources Ltd in Nigeria as a geophysicist while Matre associated with AbsolutData Analytics as an analyst prior to co-founding Roder.

“Since our inception in 2014, we have generated a GMV of over a crore by fulfilling 500 rides on a monthly basis, with an average ticket size of Rs 5,500. We are creating a new market for outstation cab services. The demand for booking one way rides via our platform has grown from 5% to 70% from our early days. We believe our team is now ready to take its services to new markets in the country,” said Negi.

Unicorn India is founded by Anil Joshi and Bhaskar Majumdar, the early-stage investors.

Cab-hailing apps recorded a high growth in India last year. In the space, biggest player Ola has raised $1.31 billion in several rounds so far, again providing enough funds to keep subsidising rides and keep drivers loyal to its network. It is now present in over 110 cities in India, compared with 25 for Uber.

Recently, Didi Kuaidi, Ola, GrabTaxi and Uber’s US competitor Lyft (with $1 billion of funding) joined hands to provide taxi rides for customers.

Also Read: 

Asia 2015: Rise of cab-hailing giants in Asia that are giving Uber a run for its money

India Dealbook: Cab aggregator app Cabsguru fundraise; BookEventz gets funds from Singapore, Mumbai Angels

Facebook to allow users to hail an Uber cab through its Messenger app

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.